The Following Information Was Available for Pete Company at December

question 34

Multiple Choice

The following information was available for Pete Company at December 31, 2015: beginning inventory $90,000; ending inventory $70,000; cost of goods sold $984,000; and sales $1,350,000. Pete's days in inventory in 2015 was

• A) 21.6 days.
• B) 25.9 days.
• C) 29.7 days.
• D) 33.5 days.

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Definitions:

General Intangibles

Assets that are non-physical in nature, such as patents, copyrights, trademarks, and goodwill.

Copyrights

A form of intellectual property law that gives the creator of an original work exclusive rights to its use and distribution, typically for a certain period.

Franchises

Business models where owners license their operations, products, branding, and procedures to independent operators.

Private Sale

The sale of property or goods directly from the owner to a buyer without the use of public auctions or marketplaces.